Nicolet Bankshares in Green Bay, Wis., has exited the Small Business Lending Fund.
The $2.2 billion-asset company disclosed in a regulatory filing that it redeemed $12.2 million, the remaining half of its SBLF shares, on Sept. 22 at a liquidation value of $1,000 each for $12.4 million.
The company redeemed the first half of its original outstanding Series C preferred stock tied to the lending fund in September 2015. Nicolet initially issued 24,000 SBLF shares to the Treasury Department in 2011. It said on its website that it participated in the small-business program "because it aligns with our community bank model, in support of reaching out to individuals and businesses, lending, and expanding our footprint."
Nicolet announced Sept. 14 that it would close six Nicolet National Bank branches during the fourth quarter because of overlap with a bank it bought in April, the $980-asset Baylake in Sturgeon Bay, Wis.